« previous next »

Author Question: A perfectly competitive firm's short-run supply curve is its marginal cost curve below its average ... (Read 219 times)

s.tung

  • Hero Member
  • *****
  • Posts: 577
on: Jun 30, 2018
A perfectly competitive firm's short-run supply curve is its marginal cost curve below its average variable cost curve.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If water is essential for life, while diamonds are not, then why is water cheaper than diamonds?
 a. Because most people would rather die with a big diamond ring than live without one.
  b. Because the total utility generated by diamonds is larger than the total utility generated by water.
  c. Because most people do not understand their total need for water.
  d. Because water is abundant, the marginal utility of water is low, and price reflects marginal utility, not total utility.


JaynaD87

  • Sr. Member
  • ****
  • Posts: 368
Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

s.tung

  • Hero Member
  • *****
  • Posts: 577
Reply #2 on: Jun 30, 2018
Thank you


JaynaD87

  • Sr. Member
  • ****
  • Posts: 368
Reply #3 on: Jun 30, 2018
No problemo


« previous next »
 

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Did you know?

There are 60,000 miles of blood vessels in every adult human.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r
A track inside an ignition coil is not a short, but rather it is a low-resistance path or hole that ... A track inside an ignition coil is not a short, but rather it is a low-resistance path or hole that ...
Marginal Supply - Demand Curve Marginal Supply - Demand Curve
Suppose a country imports televisions. The country's supply and demand curves are shown in ... Suppose a country imports televisions. The country's supply and demand curves are shown in ...
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Calculate the weighted-average cost of the following inventory purchases:DateQuantity ... Calculate the weighted-average cost of the following inventory purchases:DateQuantity ...
Video: How eudicots (true dicots) differ from monocots Animation

For a complete list of videos, visit our video library